As far as a reliable person for funding information, I recommend you seek out a community member that goes by the screen name "phanio". He provides excellent information on breaking down loans into applicable categories along with sources for those funds.
You most likely will need a formal business plan. Even if you don't, I still recommend you create one. I have a page on my site to help you out. Here's the link:
Prior to creating your plan, determine your UVP (unique value proposition) prior to getting started. Although you mention there aren't any full time bakeries in the immediate area, you still have indirect competition through grocery stores and the like. Your plan will support your UVP. You will need to do market research to complete your plan.
I recently owned a restaurant, so if you need help, let me know.
Hope this helps.
The Solopreneur's Guide
Bakery??, Good luck Darlene
I agree with Doug. You need a business plan. You also need an accountant and a lawyer.
Do you know about SCORE. SCORE is FREE and local.
I don't know where you are with this but please tread slowly, very slowly. These are tough economic times and with so many bakeries closing, as advised by others, take your time and really plan this venture. I can share that talk is cheap and although most mean well funding a bakery can be a bit of a challenge. My dad was in business for over 30 years and I am going to give you the same advice he gave me, talk to your city planners and get a real feel for the "breath" of your city's economic direction. Then remember, location, location, location...where are you going to locate your business. there's more but let me share a story with you...
I know a woman in North Carolina, Jan Matthews-Hodges who was able to secure a rural economic redevelopment grant from the North Carolina Rural Center, here's the link.
http://www.thebestcake.com/about.html (This is a great story...yes, she is still in business today and expanding.) She lucked up on some serious funding assistance...
I can tell you there is funding out there, but you will need to dig. Good luck!
Great advice have been given...have you considered opening the business together with a partner, who may have the finances and the passion to start this type of business, but not the "hands-on' skills to do the physical work?
Just a thought.
You will want to take things slowly as others have said. Make sure that you have the right people in the right place. Assess all the skills you have and then decide what you need. For instance if you are good at baking than you will want someone who is good with handling businesses. I do know that a whole lot of things come to mind when opening a bakery, like licensing, buying the equipment etc.
You will need a plan to get started. Funding is the biggest issue for you to deal with so you need to have a business plan drawn up, if you are not good at writing, hire someone who can put it together for you. You definetly dont want to go into a venture of this magnitude, half cocked. I have seen bakeries rought it out in these harsh economic times, so its not impossible. Hope this helps some.
This has been along time coming and I really want to make it succeed and wam willing to commit myself in what it takes to run a full time business so any suggesstions would be greatly appreciated.